Individual Help

Options for Dealing with Personal Financial Problems

Financial problems can seem overwhelming and can cause considerable stress to you and your family. Let us help you solve those problems and start a brighter future.

The following are the main solutions available to individuals with financial problems.


Sell surplus assets or re-mortgage your home so the funds can pay your debts

  • Keep credit rating intact
  • No professional costs
  • Easy to achieve
  • Must be affordable
  • Must have assets available

Informal arrangement

Negotiate with creditors individually to achieve a settlement of the entire debt, reduce interest payments or extend terms of agreement

  • Cheap to achieve
  • Can reduce pressure if agreement reached
  • Not legally binding
  • Not all creditors may agree
  • Credit rating still affected

Individual voluntary arrangement (IVA)

Formal agreement with all creditors to agree settlement of debts at a rate usually less than 100%

  • All creditors bound
  • No comeback from creditors as long as agreement is maintained
  • Agreement is completely flexible
  • Costs of IVA can be drawn from contributions
  • Needs 75% in value of creditors to agree


Court process where virtually all debts are included. Once bankrupt, no further action can be brought by creditors. All assets are sold and money paid to creditors.

  • Closure on financial difficulties
  • Usually lasts only one year
  • Essential household furniture is protected 
  • Restrictions from acting in certain capacities, e.g. company director, solicitor, accountant
  • Stigma of being bankrupt
  • Home is at risk
  • Income contributions for up to three years